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Offer Personalization

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Personalization and Single-Use Coupons Can Boost Engagement + Bottom Line

Special offers represent a ready-made opportunity for retailers to drive customers back into your store – as long as these offers are relevant. Although some consumers are uncomfortable about the idea of retailers tracking their shopping behaviors, most still welcome personalized offers based on their shopping history.

Recent CodeBroker research on coupon and offer personalization supports this practice. Consumers value strong relationships with retailers they've done business with. The ability to stay in front of customers after they've made a purchase is critical to effective customer retention. Follow-up offers that are aligned with their needs, interests and purchase history can spark both action and loyalty.

Customers are engaged with a wide range of retailers and make ongoing decisions about where to spend their money. While price is certainly a factor in encouraging sales, it's not the only factor.

Customers also value experiences with retailers that are unique, personalized and provide higher value than what they might receive elsewhere. Marketers need to consider how they can effectively position themselves as high-value providers that are tuned in to customer needs across all channels.

For example, you won't have a positive impact with customers if you send a promotional text message with a mobile coupon for a product the customer has recently purchased, offer a "we miss you" promotion to a customer that just made a purchase the day before, or send mobile coupons for a pet care product to consumers who don’t have pets.

Technology matters

Technology is a big driver and a critical aid for harried marketers. Offers must be deployed in relevant ways, their efficiency and impact for the retailer will be diminished. For instance, according to the research, high-value coupons are nearly 100% effective for reactivating lapsed customers, but retailers must exercise caution in terms of security for their couponing efforts or the bottom line can suffer. For example, if mobile coupons can be used multiple times or can be shared by recipients with non-customers, the impacts can be dramatic. This is where single-use coupon security comes in.

Single-use coupons and offers are being employed by numerous retailers today to ensure that high-value coupons do not get used more than once, or go viral. What makes the single-use model work is that it ensures the following:

  • Consumers can only obtain offers that are meant for them.
  • Consumers can obtain an offer only once, even if they try to access the offer multiple times over different channels.
  • Offers can be redeemed only one time, even if customers try to redeem the offer on a different channel.

That's the power that the right technology, used the right way, can bring to retailers seeking to balance the need for customer engagement and loyalty and a healthy bottom line.

Single-use coupons and mobile offers, fueled by the right personalization technology, will help you personalize your offers in a risk-free way while adding accuracy to your metrics and allowing for improved A/B testing and attribution.

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Personalized Offers Improve Acquisition, Engagement & Retention

Marketing automation and sophisticated analytics are making personalization a reality for retail marketers. Successful marketing personalization requires, what the Harvard Business Review calls, “integrating the three D’s: data discovery, automated decision making, and content distribution.” For personalization to work effectively, each of these need to be tightly synchronized.

The missing link, however, is in the content distribution phase – specifically in the area of “Offer Personalization.”

The reason? A security component is missing from two key areas associated with offers:

1. Offer Distribution and 2. Offer Redemption.

Marketers can conduct good analysis to match the right offer to the right segment. But without the security to ensure that the offer is used solely by the intended recipient – and only used once – then then entire personalization effort can break down.

  1. Customers can redeem an offer more than once.
  2. Individuals can access an offer that was not meant for them – or the offer may even go viral.
  3. Marketers can’t track and attribute accurately to measure the offer’s true effectiveness.

Distribution and Redemption Security

CodeBroker clients are employing single-use coupons to address the offer distribution and redemption security dilemma, to ensure that:

  • A consumer can only obtain an offer that is meant for her, and receives an offer only once, even if she tries to obtain it multiple times.
  • The consumer can redeem the coupon or offer only one time.
  • The POS system can validate/accept/redeem single-use offers at high speed, in real-time.

CMOs who once could not deploy single-use coupons are now leveraging them, and seeing a 30% to 50% increase in offer redemption across the marketing lifecycle (customer acquisition, engagement, and retention.)

By adding a security component to offer distribution and redemption, marketers can take personalization to a higher level by offering deep discounts and personalized promotions in a secure, risk-free manner, and measure results more accurately, for a complete personalization workflow.

For more on the topic, here’s a new CMO report that digs deeper into how retailers are using single-use coupons and promo codes to deliver personalized offers at scale in a secure manner.

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Defining Personalization

Last November I received this brilliantly personalized piece of direct mail. I quickly snapped a photo and shared it on social media. We all had a good laugh.
Forever together – me and me

Personalization is more than adding a name (or two).

The problem? Mischa is my nickname. Michelene is my full name. Not so personalized. Despite this mishap, adding a name doesn’t make an offer truly personalized or relevant.

Personalization is one of the top retail marketing buzzwords. Mary Meeker cites it in her 2016 Internet Trends report as being vital for capturing the Millennial shopping audience.Personalization is in the subject line of most marketing emails that arrive in my Inbox. All this discussion and I still haven’t seen a formal definition of what personalization should mean. It has to be more than just adding a name.

So here’s the CodeBroker definition: Providing relevant content and offers to prospects based on their behavior.

It’s pretty simple.

At CodeBroker we’re tackling personalization in our omnichannel mobile marketing platform. We’re making it intelligent and automated.

Our new personalization features allow you to create automated campaigns based on behavioral data. The data triggers for automation include mobile coupon redemption, mobile coupon interaction, previous purchases, and any other data your systems can feed to us. You’ll be able to send customized offers, relevant text message marketing alerts, and even create a feedback loop with surveys or Net Promoter Scores. And you’ll be able to reach customers across multiple channels – SMS, email, mobile app, payment wallets, and social outlets.

So rethink personalization.

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